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Category: Individual Tax

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June 5, 2019
Thinking About Moving to Another State in Retirement? Don’t Forget About Taxes

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially ap...

May 16, 2019
It’s a Good Time to Check Your Withholding and Make Changes if Necessary

Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is down from last year — and the...

May 13, 2019
Tax Savings for Electric Vehicles

While the number of plug-in electric vehicles (EVs) is still small compared with other cars on the road, it’s growing — especially in certain parts of the country. If you’re interested in purchasing an electric or hybrid vehicle, you may be eligible for a federal incom...

May 13, 2019
Paying Your Taxes by Credit Card

As we wrapped up another tax season, we had several clients asking about paying balances due to the US Treasury or state department of revenue with credit cards.  Taxpayers do have the option of paying with credit cards as it is a convenient way of paying your income tax bi...

April 25, 2019
Casualty Loss Deductions for Federally Declared Disasters

Unforeseen disasters happen all the time and they may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act, eligible casualty loss victims could claim a deduction on their tax returns. But there are new restrictions that make these deductions much...

April 2, 2019
Make a Deductible IRA Contribution for 2018. It’s Not Too Late!

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can contribute ...

March 20, 2019
Stretch Your College Student’s Spending Money with the Dependent Tax Credit

If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of his or her expenses, you may be surprised to learn you’re not eligible for the child tax credit. But there’s a dependent tax credit that may be available to you. It’s not as valuable as...

March 13, 2019
The 2018 Gift Tax Return Deadline is Almost Here

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. ...

March 11, 2019
Vehicle Expense Deduction Guidelines for Individual Taxpayers

It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax Cuts and Jobs Act (TCJA) might reduce your deduction compared to what you claimed on your 2017 return. For 2017, miles drive...

February 27, 2019
Careful Tax Planning Required for Incentive Stock Options

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the sto...

February 22, 2019
The New and Improved Tax Credits for 2018

The Tax Cut and Jobs Act substantially improved the Child tax credit and introduced a brand-new credit for dependents. The credits effective for year 2018 so be sure to factor these into your tax filings for 2018. Here is a summary of both credits:...

February 14, 2019
Final Regulations Shed Some Light on the QBI Deduction and Rental Real Estate

A key provision of the new tax law is the Qualified Business Income Deduction (QBI Deduction), which is available to qualifying trades or businesses. The key phrase here is “trade or business”, which isn’t clear cut with regard to rental real estate....